Braveheart Bio debuted on Nasdaq on August 6 with a 68% surge, moving from an IPO price of $18 to $30.20 per share. The cardiovascular biotech, which has no approved products and zero revenue, raised $382.5 million by selling 21.25 million shares, pricing above its initial target range of $15 to $17. The company’s market capitalization exceeded $2 billion on its first day of trading. The firm’s entire investment thesis rests on BHB-1893, an oral cardiac myosin inhibitor targeting hypertrophic cardiomyopathy, a condition affecting approximately 1 in 500 people globally. Phase 3 trials for the obstructive form are slated for late 2026, with non-obstructive HCM trials expected to follow in early 2027. Andreessen Horowitz is among the company’s backers.
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